Think its time to move out of my parents house..

[mrusk]

I am 21 and i think its time to move out of my parents house. I pay my parents 550 a month rent. I know a decent place is going to cost me around 900-1000 a month.

I have my own business and things are going good. It just seems like its time to move out. I wanted to wait until i could build a house, but thats going to be a year away. I am just tired of fighting with my parents over dumb stuff and i want to be out on my own.

I own a landscape company and do very large projects. People twice my age trust me with such large amounts of money and respect my for my knowledge. Than i have to go home and take orders from my parents. Its werid. I am in charge all day long giving orders, than i go home and have to take them.


When you guys moved out was it a big difference for you? What do you think my best bet to rent is? A apartment in a house, a apartment complex, etc etc.


Matt

[clutt225]

well just my op, don't rent! I was 21 when i bought my first house. Money was tight but i made it work. I found a cheap house in a small town and drove farther than most people to get to work.
I bought this house for 55,000 and fixed it up enough to live in it for 9 years.
just sold it this summer
the pic makes it look bad it was taken across a field in front of the house, my grass was a lil shorter.
even if it is not what you want in a house it is still a better investment than rent.

[400exrider707]

Originally posted by mrusk
I am 21 and i think its time to move out of my parents house. I pay my parents 550 a month rent. I know a decent place is going to cost me around 900-1000 a month.

I have my own business and things are going good. It just seems like its time to move out. I wanted to wait until i could build a house, but thats going to be a year away. I am just tired of fighting with my parents over dumb stuff and i want to be out on my own.

I own a landscape company and do very large projects. People twice my age trust me with such large amounts of money and respect my for my knowledge. Than i have to go home and take orders from my parents. Its werid. I am in charge all day long giving orders, than i go home and have to take them.


When you guys moved out was it a big difference for you? What do you think my best bet to rent is? A apartment in a house, a apartment complex, etc etc.


Matt


If you're only a year away from having enough to build your own house, I say suck it up and wait it out.

[07250ex]

Originally posted by 400exrider707
If you're only a year away from having enough to build your own house, I say suck it up and wait it out.

yeah man just stay there and then build your own house besides your parents house is probably alot nicer then any apartment u can rent and for half the price? its worth alot of the bs

[clutt225]

Alot of the time you can buy cheaper than build. Look into buying a resale property that needs some work. if you can build your own house than surely you can do the work your self and fix it up.
in a couple years sell it and move on to the next.
If you stay at home with your parents you can save money but it dosen't pay, a fixer uper pays you to live there.

[clutt225]

I made the mistake of taking to long to sell my first house. I got comffy and stayed longer than planed. I bought that house for 55,000 eight years ago. I would say I put maybe 20,000 into it and just sold it for 133,000. That left me with a good down payment on my new house that we moved into last month.

A house is the best investment you can make and the sooner the better.
this is my new house

[wilkin250r]

A lot of times, buying is NOT better than renting. It all depends on your individual situation.

I know many people that bought for exactly the reason you described, because it's "better than renting", and now they are STUCK. They can't afford their mortgage, and they can't sell because the market is flat, nobody is buying.



Back to the original question. If you own your own business, then you own equipment, yes? Do you have a plan for storing that equipment? Are you going to need a garage?

[cop292]

If you are smart and use common sense, buying is ALWAYS better than renting. As with anything else, don't get yourself into a payment you can't afoord. Is it worth $6,000 or more to get away from your parents?

[54warrior]

I think your parents are really gouging you with $550 a month. Heck, you're already paying rent!!!

[Bradracer18]

Look into like first time home owner grants too......if you use things like this, and common sense.....you can make this work pretty easily.

[derekhonda]

Originally posted by cop292
If you are smart and use common sense, buying is ALWAYS better than renting. As with anything else, don't get yourself into a payment you can't afoord. Is it worth $6,000 or more to get away from your parents?

not true.

If this is just a temporary thing, like the one year you described, by the time you finish closing its practically time to move back out, the home wont have appreciated much, etc, and youll probably end up losing moremoney than if you just rented by the time you pay all the realitor fees and closings costs, plus heaven forbid if the house needs a new roof or if the stove goes out. get my drift?

I say if you have less than two years before you build your house, go ahead and rent or just stick it out with your parents. If this is your next house for several years, buy it and build some equity

Originally posted by 54warrior
I think your parents are really gouging you with $550 a month. Heck, you're already paying rent!!!

Yeah. My sister lived in a 1 bedroom apartment for only $400 a month.

[clutt225]

A flat market is a good thing for some one in his situation. He has no house to sell and prices are down. Perfect time to buy low and hold tight untill it comes back around. It allways dose. Just don't buy over your head. When things go back up you sell at a proffit.
My dad has done this seven times in the last twelve years and only once did it backfire. He over built for the area and the market droped at the same time. All the others made good money.
One fixer uper made over 150,000 profit and we were there 14 months. It takes some research but is well worth the pay off.
Also in canada you don"t pay income tax on money made selling the family home, as long as you stay there long enough.

[250rmike]

prices are down and interests rates are low now is the time to buy if you have the money the problem is that most people buy out of their price range and stretch themselfs to thin and go into forclosure. the market will be down for prolly the next year then will start going up again. does the every 5 years or so goes up for years and down for a couple. i know this cause i hear my mom talk about it all the time on the phone and shes been in realastate for about 25 years. if you have any questions just ask and i can ask her

[Scott-300ex]

Dang dude, cheapest apt around here are 325 a month, and 650 will get you 4 bedroom HUGE and very NICE place, small houses are 500.

900-1000 Man, I'm never movin there, LoL.

And 55,000 for a house, around here you can't find anything for under 100,000. Even the smallest houses are over 100,000. My parents rented a house in the later 70's early 80's for like 127 a month, they people who owned it tried to sell it a couple years ago for 150,000, No basement, very small, share a driveway with the nieghbors, very small.

Yeh crazy how different places vary so much you guys know

[250rmike]

in my area your lucky to find a house for 150 to 200000. my mom has a 2 bedroom with a dining room kitchen and living room with one bath i beleive single story for 265 granted it has a nice yard but still prices are ridiculous. i guess thats what we get for living 15 min from baltimore and annapolis and 30-45 min from dc. oh yea great area for riding too:rolleyes:

[MX MaNiAc 06]

I say you either learn to deal with ur parents, find a buddy to move in with or get a cheap apartment. Maybe get an apartment with a friend n make it cheaper. Just until you build ur own house.

[Prey]

Originally posted by wilkin250r
A lot of times, buying is NOT better than renting. It all depends on your individual situation.

I know many people that bought for exactly the reason you described, because it's "better than renting", and now they are STUCK. They can't afford their mortgage, and they can't sell because the market is flat, nobody is buying.



Back to the original question. If you own your own business, then you own equipment, yes? Do you have a plan for storing that equipment? Are you going to need a garage?

that has nothing to do with renting versus buying... that is people living beyond their means....

and if they cant afford the mortgage how are they gonna afford the same rent in a 1 or 2 year lease.... i mean the fact is, they made a poor decision to spend more than they make

its economics 101 that the housing market cycles on a 3 year buyer - seller rotation

[Aceman]

A little off-topic but damn, everyone and their dog seems to own their own landscaping business nowadays. The landscapers I see around here seem to hire only guys that have the all-year tans if you know what I mean. But it could just be my area.:p

Originally posted by 250rmike
in my area your lucky to find a house for 150 to 200000. my mom has a 2 bedroom with a dining room kitchen and living room with one bath i beleive single story for 265 granted it has a nice yard but still prices are ridiculous. i guess thats what we get for living 15 min from baltimore and annapolis and 30-45 min from dc. oh yea great area for riding too:rolleyes:

lol You think those prices are crazy? In my area you'd be lucky to get anything under 500k. And if you drive 20 mins away, your even luckier to find anything under a mil.

[mrusk]

Originally posted by Aceman
A little off-topic but damn, everyone and their dog seems to own their own landscaping business nowadays. The landscapers I see around here seem to hire only guys that have the all-year tans if you know what I mean. But it could just be my area.:p


Yea but not many landscapers do work like this..

[250rmike]

nice work and yea there are more expensive places in the country nj being one along with california and ny. im not even in a nice neigborhood in a nice neighborhood that they just built about 5-10 miles down the road they were starting in the high 400's and going up from between 20-50 thousand for every house built. my moms lucky though she got our waterfront in her divorce from my father and i beleive she had to ppay around 300 for it and it is worth around 600 in the condition its inwhenever she gets it finished and the peir put in it should be a mil. dollar house. point to all this housing prices are crazy and im moving to prolly the eastern shore or somewhere away from here if i can live on some land

[400exrider989]

Originally posted by clutt225
I made the mistake of taking to long to sell my first house. I got comffy and stayed longer than planed. I bought that house for 55,000 eight years ago. I would say I put maybe 20,000 into it and just sold it for 133,000. That left me with a good down payment on my new house that we moved into last month.

A house is the best investment you can make and the sooner the better.
this is my new house

wow you sold that for 133 000 here in alberta that would go for a good 1.2 million

[stalefish_132]

here in British Columbia housing prices are wild, in 2000 my parrents bought our house for somthing like $129 CDN and last year it was valued at around $425, 1600sq. ft. house on 14 acres.
and around here it IS cheaper to build you own than to buy.

[bwamos]

Originally posted by Scott-300ex
Dang dude, cheapest apt around here are 325 a month, and 650 will get you 4 bedroom HUGE and very NICE place, small houses are 500.

900-1000 Man, I'm never movin there, LoL.

And 55,000 for a house, around here you can't find anything for under 100,000. Even the smallest houses are over 100,000. My parents rented a house in the later 70's early 80's for like 127 a month, they people who owned it tried to sell it a couple years ago for 150,000, No basement, very small, share a driveway with the nieghbors, very small.

Yeh crazy how different places vary so much you guys know

In the Kansas City Suburbs only 4hrs away an average 1 bedroom appartment will run you $600 and an average house payment is about $1300-$1600. (1000-1400sqft)

Not sure how $150,000 house = $650/mo payment. That would be like a 50yr loan w/ 20% down.

[gun32boarder]

Originally posted by nofearrider1
lol You think those prices are crazy? In my area you'd be lucky to get anything under 500k. And if you drive 20 mins away, your even luckier to find anything under a mil.

In West Milford and surrounding areas you can get plenty of homes for under 500k. When did W.M become smokerise?

[gun32boarder]

Originally posted by mrusk
Yea but not many landscapers do work like this..

That is very true most people cut grass and claim to do construction, but in reality they know nothing about the construction aspect.

[Which 450?]

Originally posted by clutt225
well just my op, don't rent! I was 21 when i bought my first house. Money was tight but i made it work. I found a cheap house in a small town and drove farther than most people to get to work.
I bought this house for 55,000 and fixed it up enough to live in it for 9 years.
just sold it this summer
the pic makes it look bad it was taken across a field in front of the house, my grass was a lil shorter.
even if it is not what you want in a house it is still a better investment than rent.

wow you couldnt buy a shed on a piece of property large enough for it for 55k around here

[clutt225]

I bought that house 8 years ago in a small town. The market has gone up as well as, alot of work went into the house. I renovated every room in the house including both bath rooms and a new kitchen. But you are correct 55k was a smokin deal. The house was a power of sale and the bank that had posesion was the same bank that had pre aproved my girl friend and I for our mortgage.